Acetylene is a "nasty" gas put off by calcium carbide getting wet. The tank can be transported horizontally but must stand upright for an hour (give or take) before opening the valve. As noted above, the inside is filled with an absorbant solid and acetone. The gas then mixes with that under pressure. I have had an acetylene tank catch fire (~sparks?) on the hose side of the regulator. It was wheeled off to an isolated area and allowed to burn off. The regulator was scrapped, it wasn't burned but a JIC (just in case) case. When the flames first appeared, we all "headed for the hills". When it showed no increase in flame was when the carriage was wheeled out. Acetylene has been declining in "popularity" in recent years, superceded by "less dangerous" fuel gasses. In 1990, cutting steel was done with natural gas. (methane?) Acetylene is reserved for use where the higher flame temperature is required.
A tank that old could be an expended tank that was "lost" in the weeds so someone didn't need to deal with it. That happens regularly with remote location work crews. Tanks in use, partially filled, are usually transported in a cage, some form of cradle and chained in so they don't tip over. To be "lost" is possibly indicative of an expended tank.
Make a "sound" judgement of the condition of the tank, if it has surface rust or deep pitting. In case of the former, stand it upright to transport, if possible. If the latter, vent the valve to open air and walk away for a day or two. Assuming it resides in "open air", don't try near any building or activity. Just crack open enough to bleed it off in a few hours. . . As noted above, if you can hear the hissing, it's open too much.
The important thing to keep in mind is that even with the gas gone, there is still likely some acetone (flammable) inside. The optimum solution is to pass things along to the local fire department, letting them deal with it. They'll make a big foo-fah-rah out of the whole deal. For show likely and for training of younger crews. Once bled off, the tank can be salvaged but really isn't worth the effort to dispose of the acetone and filler material. "Maybe it will be worth a chuckle to ask for my deposit back." would be an option. Just be ready for the questions.
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